Vast network affects in the multi-trillion dollar bond corporate bond market are certainly appealing. The potential union of the two bond trading startups would combine the platforms' user bases, creating a single platform with 350 institutional users and 60 broker-dealers.

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"The hundreds of users unique to Electronifie will be added to TruMid’s actively-engaged users, who in aggregate have traded nearly $5bn of bonds in the past 6 months," the note said. "We believe that the increased size and diversity of our combined user network will enhance the all-to-all liquidity available to our clients."